The company reported quarterly adjusted earnings of $2.50 per share, up from $1.59 in the second quarter, beating the consensus of $2.06.

First Solar ended the quarter with $1.3 billion in cash, equivalents, restricted cash, and marketable securities, less debt, down from $1.5 billion at the end of the prior quarter.

"Since our last earnings call, we have made steady progress, establishing the foundations for our long-term growth journey, including investments in manufacturing and the infrastructure needed to rapidly evolve and scale our technology," said Mark Widmar, CEO of First Solar.

"Our growth is underpinned by our points of differentiation and solid market fundamentals, including continued strong demand for our products, proven manufacturing excellence, a uniquely advantaged technology platform, and, crucially, a balanced business model focused on delivering value to our customers and our shareholders."

First Solar expects full-year 2023 revenue to be between $3.4 billion and $3.6 billion, as against a consensus of $3.50 billion. 

Full-year earnings are expected to be between $7.20 and $8 per share versus the company's prior outlook of $7 to $8 per share, against the consensus of $7.76. 

Management will hold a conference call to discuss these results at 4:30 p.m. ET.

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Photo: Michael Pointner from Pixabay.